Monday, July 23, 2007

Gas Prices Around the World: June 2007

Gas prices must be going up again. Caracas, Venezuela's prices have jumped a full three cents in the last year.

The map above is from Wired the online magazine. Before you get to angry at the price in the United States just be grateful you do not own a Hummer in London. And before you become jealous at Iran's prices just remember you never had to put up with gas riots.

The price of gas in the world is right now dictated by two things: subsides and environmental regulations. Many of the oil producing companies can afford (or in Iran's case pretend to afford) to artifically keep their gas prices low. Western countries have heavy taxes and environmental regulations on referining oil into gasoline. This naturally raises the price of fuel.


mmm said...

this is really interesting MMM

Flax said...

I'd like to know where in Chicago they found $2.69 gas...